Saudi Arabia's PetroRabigh IPO oversubscribed

Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh)'s SR4.6 bln riyals ($1.23 bln) IPO has been 21% oversubscribed midway through the offer period. Over 2.86 mln Saudi investors had offered at least 5.6 bln riyals by Tuesday's close, PetroRabigh. The sale will end on Jan. 12. PetroRabigh, a $10 billion joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, is selling 219 mln shares, representing a 25% stake, to Saudi nationals at 21 riyals each.